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BRIDGEWATER, NOVA SCOTIA--(Marketwired - Mar 2, 2016) - Silver Spruce Resources Inc. (TSX VENTURE:SSE)(FRANKFURT:S6Q) announces that it has closed the first tranche of its previously announced non-brokered private placement and raised gross proceeds of $333,295 (the offering). The offering will consist of the issuance of 4,443,933 shares and 2,221,967 warrants.
Units at 7.5 cents were offered which consisted of one common share in the capital of Silver Spruce and one half purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of Silver Spruce for 10 cents ($0.10) at any time prior to the date which is twenty four months (2 years) from a particular closing date at which time the warrants will expire. All units acquired pursuant to the private placement, and shares which may be acquired upon the exercise of the warrants, are subject to a four month hold period in accordance with applicable securities legislation.
The gross proceeds will be used to meet operating obligations.
About Silver Spruce Resources Inc.
Silver Spruce Resources Inc is a, well positioned, Canadian junior exploration company pursuing development of the Pino de Plata epithermal silver/ base metal/ gold project located in the prolific Sierra Madre Occidental region of Western Chihuahua State in Mexico. The company has recently completed an exploration assessment on the property. Silver Spruce also retains a portfolio of uranium and rare earth element properties in Labrador.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The company seeks Safe Harbour.
Silver Spruce Resources Inc.